The bill S. 538 aims to amend the South Carolina Code of Laws regarding agricultural property tax exemptions. It specifically modifies Section 12-37-220 to clarify the definition of "farm buildings and structures" that qualify for tax exemptions, stating that these must be located on property that receives the agricultural assessment ratio. Additionally, it updates Section 12-43-220 to allow taxpayers to apply for refunds on property taxes that were overpaid due to eligibility for the agricultural assessment ratio, provided they can demonstrate that the property was used for agricultural purposes.

The amendments include the insertion of new definitions and provisions that enhance the clarity and accessibility of tax exemptions for agricultural properties. The bill emphasizes the importance of ensuring that farm buildings and structures are appropriately classified and that taxpayers have a clear process for seeking refunds on overpaid taxes. This legislation is currently under consideration in the Senate Committee on Finance and will take effect upon the Governor's approval.

Statutes affected:
04/03/2025: 12-37-220, 12-43-220
Latest Version: 12-37-220, 12-43-220